16.03.2023 GRENKE AG  DE000A161N30

EQS-News: GRENKE presents its Annual Report 2022


 

EQS-News: GRENKE AG / Key word(s): Annual Report
GRENKE presents its Annual Report 2022

16.03.2023 / 07:02 CET/CEST
The issuer is solely responsible for the content of this announcement.


GRENKE presents its Annual Report 2022

  • Preliminary figures for the 2022 financial year confirmed: EUR 2.3 billion in new leasing business, EUR 84.2 million in Group earnings, and earnings per share of EUR 1.75
  • Number of completed franchise acquisitions increases to eight after two acquisitions in Australia

Baden-Baden, March 16, 2023: GRENKE, global financing partner for small and medium-sized enterprises, today published its annual report for the 2022 financial year. As reported in the announcement of preliminary figures on March 2, 2023, GRENKE achieved Group earnings of EUR 84.2 million in 2022 (2021: EUR 95.2 million, or EUR 72.2 million excluding non-recurring income from the sale of viafintech). The Group earnings correspond to earnings per share of EUR 1.75 (2021: EUR 1.94). GRENKE generated new leasing business of EUR 2.3 billion in the 2022 financial year (2021: EUR 1.7 billion).

Dr Sebastian Hirsch, Chairman of the Board of Directors of GRENKE AG, says: "We concluded the 2022 financial year successfully. And we did so despite considerable challenges. Not only did we fully achieve our guidance, but we even reached the upper end of our forecasts for both new leasing business and Group earnings. In other words: We delivered!"

Leasing portfolio

In the 2022 financial year, payments received from lease contracts amounted to EUR 2.3 billion (2021: EUR 2.3 billion). Net interest income in the 2022 financial year equalled EUR 344.5 million (2021: EUR 366.8 million).

By being more selective in terms of risk and due to customers’ consistently good payment behaviour, expenses for the settlement of claims and risk provision amounted to only EUR 120.4 million (2021: EUR 142.8 million). The loss rate was 1.3 percent in 2022, surpassing our expectations (guidance: 1.4 - 1.7 percent) and marking an improvement over the previous year (2021: 1.6 percent). Net interest income after settlement of claims and risk provision held steady year-on-year at EUR 224.1 million (2021: EUR 224.0 million).

Further acquisitions of franchise companies

GRENKE AG acquired majority interests in two additional franchise companies in Australia in January 2023. This followed the previous acquisitions of the factoring franchise companies in the United Kingdom, Ireland, Poland and Hungary and of the leasing companies in the USA and Singapore. This brings the number of franchise companies acquired to a total of eight. GRENKE has previously announced that it would acquire all franchise companies by the middle of the current financial year.

Maturity-matched refinancing and high equity ratio

New business growth contributed to a slight year-on-year increase in lease receivables to EUR 5.2 billion at the end of 2022 (2021: EUR 5.1 billion). At the same time, the balance sheet reflects the refinancing at matching maturities. In 2022, the amount and maturity of liabilities were again largely in line with the refinanced receivables. As of the December 31, 2022 reporting date, EUR 3.3 billion in non-current lease receivables (2021: EUR 3.2 billion) were offset by a total of EUR 2.5 billion in non-current financial liabilities (2021: EUR 3.0 billion). Current lease receivables of EUR 2.0 billion (2021: EUR 2.0 billion) were also at a similar level to current financial liabilities of EUR 2.2 billion (2021: EUR 2.1 billion). 

The liquidity position as of the December 31, 2022 reporting date totalled EUR 448.8 million (2021: EUR 853.1 million). The GRENKE Group's equity ratio stood at 20.8 percent as of December 31, 2022 (2021: 19.1 percent), significantly exceeding the target we had set ourselves for a minimum of 16 percent.

Outlook

For the 2023 financial year, the Board of Directors expects new leasing business in the range of EUR 2.6 billion and EUR 2.8 billion and a slight year-on-year increase in the CM2 margin. The medium-term target for the CM2 margin is around 17 percent. The Board of Directors is guiding for net profit for the 2023 financial year, including digitalisation investments, of between EUR 80 million and EUR 90 million based on the assumption that the loss rate will remain below 1.5 percent.

As a result of the expenses expected from the digitalisation programme, the Board of Directors is assuming a Cost-Income-Ratio (CIR) of slightly above 55 percent in 2023. For the 2023 financial year, GRENKE expects the equity ratio on the balance sheet to continue, as in previous years, to exceed 16 percent.

For the 2024 financial year, the Board of Directors expects new leasing business of EUR 3.4 billion and Group earnings of around EUR 120 million.

Annual Press and Analysts Conference

The Board of Directors of GRENKE AG will report today on the business development in 2022. As in the past, the Company will hold a conference call for the press and investors for this occasion. The events will take place at the Hotel Le Méridien in Frankfurt at 10:30 a.m. CET (financial press conference) and 1:00 p.m. CET (analysts conference). The analysts conference will also be broadcast live on GRENKE AG's website, and a recording will be available shortly after.

The GRENKE Group's Annual Report 2022 is available on the Company's website at https://www.grenke.com/investor-relations/reports-and-presentations/ .

Annual General Meeting to be held on May 16, 2023 in Baden-Baden

GRENKE AG will host its Annual General Meeting on May 16, 2023 on-site in Baden-Baden. This event will also be broadcast virtually. The Board of Directors and Supervisory Board will be proposing a dividend payment of EUR 0.45 (previous year: EUR 0.51) per share for the 2022 financial year. This is equivalent to a payout ratio of 25 percent, which is in line with the Consolidated Group's dividend policy.

Overview of group figures according to IFRS (in EUR millions)

   2022  2021 2022 vs. 2021
(in %)
Income statement      
Jan. 1 – Dec. 31      
Net interest income 344.5 366.8 -6.1
Settlement of claims and risk provision 120.4 142.8 -15.7
Net interest income after settlement of claims and risk provision 224.1 224.0 0.0
Income from operating business 385.7 374.0 3.1
Staff costs 149.1 127.5 16.9
Consulting and audit expenses 22.2 38.3 -42.0
Other expenses and depreciation/impairment 116.4 75.7 53.8
Operating result 98.0 132.5 -26.1
Earnings before taxes 111.0 123.5 -10.1
Group earnings 84.2 95.2 -11.6
Earnings per share in euro 1.75 1.94 -9.8
       
Statement of financial position as of Dec. 31      
Assets      
Cash and cash equivalents 448.8 853.1 -47.4
Lease receivables 5,243.9 5,119.0 2.4
Intangible assets 51.5 60.3 -14.6
Other assets 668.5 628.5 6.4
Total assets 6,412.7 6,660.9 -3.7
       
Liabilities      
Financial liabilities 4,794.7 5,077.2 -5.6
Other liabilities 285.8 314.7 -9.2
Total equity 1,332.2 1,269.0 5.0
Total equity and liabilities 6,412.7 6,660.9 -3.7
       
Equity ratio in percent 20.8 19.1 1.7 pp.
 
Statement of cash flows
     
Jan. 1 – Dec. 31.      
Payments by lessees 2,319.5 2,329.2 -0.4
Repayments
Refinancing (excluding deposit business)
2,065.3 1,328.5 55.5
Proceeds from new refinancing (excluding deposit business) 1,984.5 656.3 202.3


For further information, please contact:

Investor contact
Team Investor Relations
Press contact
Stefan Wichmann
Neuer Markt 2 Neuer Markt 2
76532 Baden-Baden 76532 Baden-Baden
Phone: +49 7221 5007-204 Mobile:  +49 171 20 20 300
Email: [email protected] Email: [email protected]
Internet:  www.grenke.com  


About GRENKE

The GRENKE Group (GRENKE) is a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE’s products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE’s activities.

Founded in 1978 in Baden-Baden, the Group operates in 33 countries and employs approximately 2,000 staff worldwide. GRENKE shares are listed in the SDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).



16.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: GRENKE AG
Neuer Markt 2
76532 Baden-Baden
Germany
Phone: +49 (0)7221 50 07-204
Fax: +49 (0)7221 50 07-4218
E-mail: [email protected]
Internet: www.grenke.de
ISIN: DE000A161N30
WKN: A161N3
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1583751

 
End of News EQS News Service

1583751  16.03.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 2.418,55 2.936,64 3.512,49 2.675,70 2.358,74 3.083,36 3.419,82
EBITDA1,2 176,71 174,38 203,03 153,99 163,99 130,44 139,98
EBITDA-Marge3 7,31 5,94 5,78 5,76 6,95 4,23
EBIT1,4 161,35 157,16 170,00 125,12 132,51 97,98 112,91
EBIT-Marge5 6,67 5,35 4,84 4,68 5,62 3,18 3,30
Jahresüberschuss1 124,98 131,11 135,90 88,44 95,19 84,18 86,71
Netto-Marge6 5,17 4,46 3,87 3,31 4,04 2,73 2,54
Cashflow1,7 27,95 53,66 140,75 586,62 -72,04 -346,84 329,25
Ergebnis je Aktie8 2,74 2,78 2,95 1,86 1,94 1,75 1,79
Dividende8 0,70 0,80 0,80 0,26 0,51 0,45 0,58
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

INVESTOR-INFORMATIONEN
©boersengefluester.de
Grenke
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A161N3 21,000 - 976,41
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,75 21,39 0,41 9,49
KBV KCV KUV EV/EBITDA
0,85 2,97 0,29 6,98
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,45 0,47 2,24 30.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 08.08.2024 14.11.2024 07.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-3,92% -6,35% -16,17% -21,64%
    
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Finanzdienstleistungen , A161N3 , GLJ , XETR:GLJ